An employee serves oil at a petrol station still opened during a strikeon December 11, 2012 in Rome. The strike of petrol stations in Italy started the day before at 7 PM and will last until December 14 at 7 PM. AFP PHOTO / ANDREAS SOLARO / AFP PHOTO / ANDREAS SOLARO

ECC approves hike in POL products

ISLAMABAD: The Economic Coordination Committee (ECC) on Friday approved the hike in petroleum products days after the federal cabinet decided to send the summary to the top financial body.

Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh chaired a meeting of the Economic Coordination Committee of the Cabinet (ECC) to consider various proposals submitted by ministries/division. The committee partially approved adjustments in PoL products as proposed by Oil and Gas Regulatory Authority (OGRA). However, it was decided to reduce the GST on petrol by 5% to provide relief to the consumers. The reduction will entail a revenue loss of around Rs.5 billion to the government.

Industries & Production Division gave presentation to committee on the findings and recommendations of the Expert Group constituted to work out an operationalization plan for the revival of Pakistan Steel Mills. The ECC approved the recommendations of the ministry and directed that the due process be completed for listing of PSM for privatization with a view to implement the revival plan based on private sector inputs and collaboration.

The ECC approved the proposal of Petroleum Division to allocate gas from Thal East, Bhambhra and Thal West Fields to M/s SSGCL.

Industries division updated the ECC on Ramazan Relief Package and informed that Utility Stores across the country were being stocked to cater for the Ramazan shopping.

The committee also approved supplementary Grants and Technical Supplementary Grants for different ministries/divisions. It also approved payment of salaries to Khassadars of South Waziristan.